Many people aspire to earn passive income because it is one of the easiest ways to get extra cash, retire young, make money while you sleep and live life on your own terms.
Unlike years ago when investing in stocks was one of the best ideas to earn a side income, today the widespread use of the internet has provided more channels for more people with little or no capital, to earn extra income right from where they are.
For some time now, most entrepreneurs have come to agree that this income model does not only hold the promise of allowing people to earn with little to no effort, it has provided its practitioners an opportunity to change their lifestyle dramatically. So naturally, more and more people are interested in learning how it works.
And today, one notable thing about this income generation model is that just like it is in developed countries, earning passive income in Nigeria, India, Brazil among other developing countries is very doable.
But, before you can realistically start earning a side income, you have to identify the right passive income models that can work for you, find ways to go about it and initiate steps to get started with your ideas. These are what you’ll be learning in this guide, starting in the following paragraphs;
Writing & Book Publishing
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Writing or creating content is one of the best ways to earn passive income digitally. One good thing about this passive income idea is that the most it requires from you is the first initial effort needed to write, publish and promote your book at first.
As a writer, there are many ways to earn money by the side, while creating your content.
For example, you can decide to earn money by creating and publishing content on a blog. This allows you to garner a decent audience. With this audience, you can create options for advertisers or other promoters to advertise on your blog.
And there are a lot of ways to do this, ranging from posting direct banner ad spaces on your blog, using sponsored posts, affiliate links or the engaging in direct influencer marketing approach.
Another way to earn passive income as a writer is creating and publishing your content into books, be it digital or hard copy.
Doing this does not only give you the chance to earn income by the side, I gives you an opportunity to build your brand while getting prepped for better opportunities as your thought leadership grows.
A good number of writers today have written books that have enabled them to earn a decent income passively. And using this approach, you can join their ranks.
Launching Digital Products
Digital products are items like eBooks, music, tutorials, PDFs, Pictures, Videos, Short Movies and other similar products you create and sell digitally either by automation or otherwise.
As someone with a specialized skill, you can create digital products like courses, trainings and videos; sell them online, as in-demand courses and make your earnings while you sleep.
It’s one of the best ways to earn passive income regardless of your location. And one big advantage of creating digital products is that you don’t have to create the product each time a client needs it. You can create it once and sell it for as long as you want.
This makes it a perfect fit for your passive income earnings.
Additionally, as a creative person either as a Graphics Designer, Photographer, Video Creator etc. you can also create your own digital products and sell them off online.
There are a number of platforms selling these products online, in exchange for a less than a token as fees.
The major downside with this is that you need a proper in-demand skill to get started creating digital courses however; you can get around this by hiring skilled experts to create the content for you, where you don’t have the expertise.
Affiliate marketing is a marketing model where as an affiliate; you earn a commission by promoting a product or service by another company. This could be by the use of affiliate links or special codes that gets you earning a commission when a customer buys the product using your unique link or code.
Be it online or offline, over the years, Affiliate Marketing has become one of the most popular approaches used by individuals and businesses to earn passive income.
As a content creator, you can strategically include your affiliate links as part of your content via your blogs, websites or social media posts.
To start making money with affiliate marketing, you’ll need to set up your blog, choose the right affiliate product, create top quality content and then promote them to drive the right traffic to your links.
The major cons with affiliate marketing as a passive income earner is that as a beginner you may have a slow start during the early days. Also, you will need a decent writing skills and some good number of traffic to generate actual income using this model. However, this can be sorted out, should you decide to hire an experienced content creator and SEO expert to do the job.
Social Media Influencing
The advent of social media has ushered in influencer marketing as one of the most well-known passive income generation models today.
With a decent number of social media followers, nice engagement and good content, you can start earning passive income right from your social media pages, with little to no effort.
One of the advantages of using this model for your passive income ideas is that the social media already has a widespread audience you can tap into, using your own content and other brand promotion ideas.
To get started, you will have to identify your preferred audience and social media platform, create an account on the platform, start creating, sharing and promoting your content on the platform.
Generally, the cons with social media influencing is that even though it takes a lot less effort to get started, you’ll have to put in the work to create, share and promote your content and then garner a decent number of audience, before you can actually start earning your pay check as an influencer.
Again, if you’re willing to invest in this, you can always hire some content marketing and social media experts to get the job done for you.
Investing in Real Estate
One of our first non-digital-only ways to earn passive income in this guide is to invest in real estate. Fortunately, this also happens to be one of the most popular and most traditional ways to earn passive income online.
Over the years, it has become one of the most well trusted passive income generation models, recognized globally and so many have earned steady revenues, using this model.
There are many ways to invest in real estate as a passive income model. For example, the following are ways you can invest in real estate:
- Buying and selling properties: You can engage in buying a real estate property like lands or houses and reselling them at higher prices after some years.
- Building & Leasing: You can buy landed properties in choice locations, erect structures and lease them off at good bargains. This model allows you to earn on the property many times over, after your initial investment.
- Renting: With this model, you can buy landed property in strategic locations, build on them and rent out the apartments. Alternatively, you can buy already erected structures and rent them out as individual apartments.
Done well, this model allows you to have a steady flow of earnings, after an initial investment.
The major cons about investing in real estate are the high cost it demands at the initial stages and the enormous work you’ll have to put in getting good real estate properties and erecting the structures as the case may be. Although, with the right kind of resources, this can be sorted out.
In a nutshell, earning passive income is doable. But, one thing you have to keep in mind is that irrespective of your location, preferred industry or passive income model, to be able to earn a passive income realistically, you have to identify your preferred target audience, industry or niche and then put in the work to initially get started on this.
Also, where you’re using a digital model, you have to go all out to create, share, and promote content to drive the necessary traffic that will be useful in increasing your passive income earnings.
Additionally, you’ll have to keep in mind that passive income is not something you’ll earn automatically; you’ll have to do the ground work before you earn and sometimes that might take a little while.
With the right help and resources, you can start earning even faster and easier than you would on your own. To do this, reach out to our team here.
Now, it’s your turn. What are your biggest challenges when it comes to earning passive income? Drop your comments below.